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After nearly two decades of ambitious plans to cut carbon emissions, Europe has indeed seen emissions fall—but only in exchange for huge increases in electricity prices (The Wall Street Journal, subscription).

The cost: Europe has seen its carbon emissions fall by 30% since 2025, more than any other region, though the U.S. dropped emissions by 17%.

• However, the hot pursuit of renewables drove up energy prices. “Germany now has the highest domestic electricity prices in the developed world, while the U.K. has the highest industrial electricity rates, according to a basket of 28 major economies analyzed by the International Energy Agency.”
• Meanwhile, “average electricity prices for heavy industries in the European Union remain roughly twice those in the U.S. and 50% above China.”

The consequences: These sky-high prices are hurting European industry, while weighing heavily on consumers—not to mention impeding the buildup of AI data centers. 

• “Jerome Evans, the CEO of a German data-center operator, sought to expand his two data centers in Frankfurt, Germany’s internet crossroads. The local power provider told him he would have to wait a decade, until 2035, for the energy to power them.”

And vs. or: European nations rushed to replace traditional energy sources like coal with renewables, but found that these new sources were not sturdy enough to meet demand. Meanwhile, the U.S., China and India pursued an “and” strategy, building out renewable sources as well as oil and gas.

• It’s clear which one is the winning choice: “Many European consumers and businesses are now stuck in the worst of both worlds. They are still at the mercy of electricity prices linked to the cost of imported fossil fuels while also shouldering big upfront costs to overhaul grids to handle the intermittent renewable power.”

The NAM says: “Europe’s energy woes demonstrate the wisdom of an all-of-the-above energy strategy, which the NAM has advocated for many years. New sources like small modular nuclear reactors and geothermal, alongside renewables and traditional energy sources like oil and gas, will all play a role in securing American energy dominance,” said NAM Vice President of Domestic Policy Chris Phalen.